- The programs aim to attract global talent, entrepreneurs and investors as part of Crown Prince Mohammed bin Salman’s Vision 2030 reforms to diversify the economy away from oil.
- They will offer residency holders long-term living, work and business opportunities in Saudi Arabia to capitalize on the kingdom’s growing commercial potential.
- Saudi sees the new residency permits as a way to compete with neighbouring UAE’s successful ‘golden visa’ system and position itself as the top destination for foreign capital in the Gulf region.
Saudi Arabia has introduced new long-term residency programs in a bid to diversify its economy and attract skilled workers, entrepreneurs and investors from around the world. The new residency permits will allow qualified applicants to live, work and do business in the kingdom.
As part of Crown Prince Mohammed bin Salman’s Vision 2030 reforms, the programs aim to position Saudi Arabia as a global investment hub. They offer residency holders opportunities to settle in the country, conduct business ventures, own real estate properties and obtain work permits for themselves and family members.
The move comes as Saudi seeks to reduce its economic reliance on oil revenues. It also hopes to attract billions in foreign direct investment and capital to fuel the growth of new industries. The programs will support the creation of new jobs and the development of a knowledge-based, private sector-led economy.
Neighbouring United Arab Emirates has successfully implemented similar long-term residency schemes in recent years through initiatives like the ‘golden visa.’ This has helped the UAE, particularly Dubai, become a magnet for wealthy investors and families seeking a high-quality lifestyle.
Saudi’s new programs are perceived as a direct response to the competitive threat posed by UAE’s pro-business policies. They aim to position the kingdom as the top destination for foreign capital, talent and innovative companies in the Gulf region. If successful, the residency permits could boost Saudi’s position as a regional financial and commercial powerhouse over the coming decades.
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Last Updated on January 16, 2024 by Safiya K
